Oil And Gas Security And Service Market Share, Growth Drivers, Key Drivers And Global Forecast 2024-2033
Posted by Sushmitha on May 1st, 2024
Overview and Scope
Oil and gas security and service is a process through which oil and gas operations such as upstream, midstream, and downstream are protected and monitored with strong physical and network security measures to enhance operational efficiency and reduce losses associated with security breaches.
Sizing and Forecast
The oil and gas security and service market size has grown strongly in recent years. It will grow from .13 billion in 2024 to .64 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to regulatory compliance, rising instances of security breaches, cyber threats awareness, geopolitical instability, oil and gas infrastructure vulnerabilities.
The oil and gas security and service market size is expected to see strong growth in the next few years. It will grow to .42 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to supply chain resilience, focus on incident response, integration of biometric solutions, regulatory changes impacting security, remote asset management. Major trends in the forecast period include incident simulation and drills, cloud security solutions, security automation, zero trust security model, rapid incident response.
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Segmentation & Regional Insights
The oil and gas security and service market covered in this report is segmented –
1) By Components: Solutions, Services
2) By Type: Physical Security, Network Security, Risk Management Service, System Design, Integration And Consulting, Managed Service
3) By Operations: Upstream, Midstream, Downstream
4) By Application: Exploration And Drilling, Refinng And Storage Area, Pipeline, Transportation And Distribution
North America was the largest region in the oil and gas security and service market share in 2024. The regions covered in the oil and gas security and service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising incidence of cyber-attacks is expected to propel the growth of the oil and gas security and service market going forward. A cyberattack is a malicious and deliberate attempt by one person or organization to breach the information systems of another person or organization. Due to rising cyber-attacks, the oil and gas sector uses security and services to manage cyberattacks in operational systems, with the primary purpose of ensuring system availability and integrity through more effective measurement, control, detection, and response to cyber threats. In February 2024, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cybercrime reports received were 76,000, up from 13% from the previous year. Therefore, the rising incidence of cyberattacks is driving the growth of the oil and gas security and service market.
Key Industry Players
Major companies operating in the oil and gas security and service market report are Cisco Systems Inc., Honeywell International Incorporated, Siemens AG, Microsoft Corporation, Lockheed Martin Corporation, Intel Corporation, Broadcom Inc., Parsons Corporation, Asea Brown Boveri Ltd., NortonLifeLock Inc., United Technologies Corporation, Thales Group, Johnson Controls International plc, Fortinet Inc., Waterfall Security Solutions Ltd., Trend Micro Inc., Symantec Corporation, General Electric Company, Raytheon Company, BAE Systems plc, FLIR Systems Inc., Motorola Solutions Inc., Booz Allen Hamilton Inc., Northrop Grumman Corporation, Safran S.A., Leidos Holdings Inc., L3Harris Technologies Inc., Accenture plc, Conseillers en Gestion et Informatique Inc., Cognizant Technology Solutions Corporation, DXC Technology Company, Infosys Limited, Larsen & Toubro Infotech Limited, Schneider Electric, SAP SE
The oil and gas security and service market report table of contents includes:
1. Executive Summary
2. Oil And Gas Security And Service Market Characteristics
3. Oil And Gas Security And Service Market Trends And Strategies
4. Oil And Gas Security And Service Market - Macro Economic Scenario
5. Global Oil And Gas Security And Service Market Size and Growth
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31. Global Oil And Gas Security And Service Market Competitive Benchmarking
32. Global Oil And Gas Security And Service Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Oil And Gas Security And Service Market
34. Oil And Gas Security And Service Market Future Outlook and Potential Analysis
35. Appendix
